Each profit or gain that occurs from the sale of a ‘capital asset’ may be a capital gain. This gain or profit appears under the section ‘income’, and hence you’ll get to pay tax for that amount in the year during which the transfer of the capital asset takes place. This is usually called capital gains tax, which may be short-term or long-term. Capital gains don’t use to an obtained property as there’s no sale, only a transfer of ownership. The income tax Act has specifically spared assets acquired as gifts by way of an inheritance or will. However, if the person who acquired the asset decides to sell it, capital gains tax will be applicable.
TYPES OF ITR FORM
ITR-1: For Individuals being a Resident (other than Not Ordinarily Resident) having Total Income up to Rs.50 lakhs, having Income from Salaries, One House Property, Other Sources (Interest, etc.), and Agricultural Income up to Rs.5 thousand(Not for an individual who is either Director in a company or has invested in Unlisted Equity Shares).
ITR-2: For Individuals and HUFs do not have income from profits and gains of business or profession.
ITR-3: For individuals and HUFs having income from profits and gains of business or profession
ITR-4: For Individuals, HUFs, and Firms (other than LLP) being a Resident having Total Income upto Rs.50 lakhs and having income from Business and Profession which is computed under sections 44AD, 44ADA or 44AE
ITR-5: For persons other than Individual, HUF, Company (Partnership Firm, Aop / Boi)
ITR-6: For Companies other than companies claiming exemption under section 11
ITR-7: This form is relevant for all people who are required to file tax returns under the Section 139(4A), Section 139(4B), Section 139(4C), Section 139(4D), Section 139 (4E), or 139 (4F) that mainly includes Trust, University, etc.
Due Dates For Filing Income Tax Returns :